What is business succession planning?
Business succession planning is a process of preparing for the future of a business by identifying inner and outer stakeholders, developing strategies to help sustain the company over time, and creating plans to pass it on to the next generation. The goal is to ensure that all business stakeholders are aware of who will be taking over critical positions and responsibilities, as well as how and when an exit plan for the business will be executed. The process begins by determining the key stakeholders in the company, which typically includes owners, key employees, suppliers, and customers. These entities need to be identified early because they'll be integral in developing different strategies for sustaining the company and its continued success . The business owner must identify whether he or she wants either one or several people within the company to succeed him or her upon his or her retirement. Identifying successors can reduce confusion among staff members if they know who wi...